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Commodities pump up Weir Group

By Daily Mail Reporter
Updated: 04:38 EDT, 4 August 2010

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Pump maker Weir Group unveiled a dramatic 58% rise in first-half profits as the company benefited from a rebound in demand for commodities.

The Glasgow-based company, which makes valves and pumps for the oil, mining and power industries, said pretax profits surged to a record £144m in the first half of the year, as rising demand for commodities increased demand for equipment used to extract them.

Weir (unchanged at 1,226p) increased its interim dividend by 25% to 6p a share.

Meanwhile, rival company Rotork (down 23p at 1,512p) reported a more modest 9% increase in its first-half pretax profit to £48.3m, as the valve control systems maker received a jump in orders in the period.

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